Tax audit - share business- - speculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2011 I do trading in shares. Most of the times I trade only intra day i.e. I buy in the morning and sell on the same day.

Dose turnover includes the sale value of all transactions ? or is it enough if I show the profit or loss as speculation profit or loss

Do I need to get my accounts audited by a CA ( if sale value is considered as turnover, then turnover exceeds 30 crores )

Its urgent

Thanks in advance

CA. Deepak Narula

CA. Deepak Narula (Expert)
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26 September 2011 in case of speculation trading, only difference between sale and purchase transactions is to be considered ignoring the minus(-) and total should be calculated. If it is more than 60 lakh then tax audit needs to be carried out.